James Fisher and Sons plc - Half year results for the six months ended 30 June 2019

James Fisher and Sons plc (FSJ.L) ('James Fisher'), the leading marine service provider, announces its unaudited results for the six months ended 30 June 2019.

 

 

2019

2018

% change

Revenue

£286.9m

£260.5m

+10%

Underlying operating profit *

£24.5m

£24.5m

-

Statutory operating profit

£24.5m

£24.3m

+1%

Underlying profit before tax *

£20.9m

£21.7m

(4)%

Statutory profit before tax

£20.9m

£21.5m

(3)%

Underlying diluted earnings per share *

33.2p

34.5p

(4)%

Statutory diluted earnings per share

33.6p

34.5p

(3)%

Interim dividend per share

11.3p

10.3p

+10%

 

* excludes separately disclosed items (2019: £nil (2018: charge of £0.2m) see note 6)

 

Highlights:

 

§ Revenue up 10% and by 4% at constant currency and excluding acquisitions

§ Cash conversion of 108% (2018: 120%)

§ Strong performance in Offshore Oil and Tankships

§ Investment of £52.2m in capital and new businesses

§ Interim dividend increased by 10%

 

Commenting on the results, Chief Executive Officer, Nick Henry, said:

 

"The Group has made good strategic progress in the first half with the acquisition in Brazil and the purchase of two dive support vessels. We remain well positioned across all four of our divisions with significant growth opportunities ahead. As previously advised, the phasing of projects has made the year more weighted to the second half, which will also begin to benefit from the investment committed to in the first half. The Group remains well placed to deliver an improved financial performance in the year and to continue to provide future value to its shareholders."